MHI Lessons 20: Creating Substantial Monthly Income With Mobile Homes, Moving Homes, Working with Parks, Tips and Advice – Guests Michael & Steve

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Welcome back,

In today’s Mobile Home Investing Lesson Podcast episode #20 I’m extremely happy to welcome Michael and Steve to the co-hosting microphones. In this nearly hour-long video podcast we discuss some of Michael and Steve’s 5 mobile home cash-flow deals, transporting homes, partnerships, and the challenges of working with park managers and local handymen. This mobile home investing team lives and invests in the great state of Maine. Like almost all the investors in this podcast series, Michael and Steve are go-getters that ask questions regularly and take action daily. Learn more about what they are doing to grow their business in the video/audio podcast below.

A special “Thank You” to Michael and Steve for opening up their business and sharing vulnerable mistakes that will help us all be more profitable and helpful investors.

Related article: What to expect next month while mobile home investing and selling

Watch Podcast 20 Here

In this show we cover: (Times are provided to fast-forward video if needed.)

  • 0:30 Where are you guys located and investing?
  • 0:50 How long have you been investing?
  • 1:35 How does your partnership work for you both?
  • 2:15 When are your busiest hours?
  • 3:40 Free Prescreening Tool
  • 4:20 How many mobile homes have you moved?
  • 4:55 Let’s talk about the mobile home deal you moved?
  • 10:55 What other lessons were learned while investing in this particular home?
  • 14:15 What are your best handyman tips for newbies?
  • 15:40 To what extent do you repair your mobile homes?
  • 20:40 Why would you buy such an unattractive mobile home?
  • 24:40 Speaking with a mobile home park seller?
  • 27:17 Selling homes that need cosmetic repairs
  • 30:10 What did you learn when you moved this first manufactured home?
  • 33:40 Let’s talk about the numbers on this deal?
  • 37:05 What is the average lot rent in your area?
  • 37:20 How many parks are you involved within?
  • 38:10 What are your thoughts with regards to senior communities?
  • 40:50 Does the size of the park matter?
  • 41:10 How do you advise approaching the park managers?
  • 45:00 How many mobile homes have you sold for cash?
  • 45:12 Are you looking forward to tax time?
  • 46:50 What’s a great tip when speaking to sellers?
  • 52:28 How are your tenant-buyers paying?

New to mobile home investing?

If you are not currently investing in mobile homes locally it can be important to have clarity before starting any new business venture. Real estate investing businesses requires time, sweat, available capital, and daily action to build a safe portfolio of properties and local word-of-mouth business. Before you begin it may be crucial to not only understand what will be required of you on a day to day basis to succeed (the definition of success varies by person), but also understand your local market environment and game plan moving forward with regards to mobile homes. Before starting a mobile home investing business locally this website encourages you to obtain clarity concerning:

  • Your location (supply/demand/exit-strategy)?
  • Your free time to invest?
  • Your capital to get started?
  • Your local realistic goals?
  • Caring about people?

The above suggestion for you to obtain “clarity” may raise more questions than answers. We are a community of mobile home investors and happy to help if we can whether you are experienced, new, or a non-investor. With that said if you have any follow-up questions or specific concerns moving forward never hesitate to reach out directly or comment below.

Related video: Manufactured home percentages per state

mobile-home-roof-over

Side Lesson: When investing in states with snowfall, a common sight you will see is a “mobile home roof-over”. The mobile home above has a second roof or roof-over attached to the top of the home. Roof-overs aims to add strength and completely fix any roof/ceiling leaks in older mobile homes with flat roofs or metal roofs around the country.

This roof-over may have been installed one of a few ways:

  1. Certain companies around the United States produce and deliver mobile home roof-overs in one giant section that is placed directly on top of the exisitng mobile home’s roof.
  2. Local companies or local handymen will spend a few days building a second roof over the existing mobile home. Permits may likely need to be purchased (at local permit/building department) if applicable.

Pro Tip: As investors, some mobile home roof-overs you come across may not be up to local codes. These roof-overs may only add more stress and weight to the existing frame of the older mobile home. With that said if there does not appear to be any interior ceiling damage inside the home and the roof-over has been in place for many years already there may be little to worry about with regards to current defects and effectiveness. If unsure, an inspector may always be called for a professional’s opinion.

Related article: Guess the mobile home (game)

In conclusion, we hope that this video podcast has been helpful to you in some way. We certainly discuss a number of topics in today’s post compared to our normal one-specific topic per podcast. Remember there will never be a single video or lesson you will learn that will create complete clarity in your mind with any new business or investing niche. Instead it is the consistent asking of questions and getting answers and taking daily action that gets you closer and closer to your business, personal, and financial goals. Take action daily to help others and have a great week.

Do you have questions? Please tell us below.

Listen to the Podcast Here

6 Comments

  • Jacob Schiller

    November 29, 2016

    Hi John,

    Thanks for this new podcast. I was starting to wonder when the next one was coming out. I know you’re busy so thank you for making this content available to everyone. You mentioned in the video that a number of your homes are for sale as is or handyman specials. I am starting to seriously look at my first investment rental property but do not know which repairs are warranted or will pay me my money back. This is a 1996 Fleetwood mobile home. Any advice or help would be appreciated. Thank you in advance.

    • John Fedro

      November 29, 2016

      Hi Jacob,

      Thank you for reaching out and connecting. Additionally, thanks for following along with regards to the podcast. While I have slowed down putting these out due to my personal investing business, I still aim to get one out every few weeks or so. With that said if you ever have any questions along the way never hesitate to reach out to me anytime. With regards to your question about repairs, there is certainly a good deal to know with regards to what your local buyers or renters are looking for and your desired exit strategies. Congratulations on getting ready to pull the trigger on your first few mobile homes. You mentioned that these properties may be “rentals”. If this is the case then your local municipality and state will have guidelines as to the minimum condition rental properties may be in when rented. I suggest to aim above this minimum if possible. You will want to make sure the home is very safe and livable and fairly well insulated. Water can certainly damage mobile homes quickly and I would encourage you to remove and replace any damaged cabinets, walls, ceiling pieces, or flooring. With all this said every home varies in so many ways based on size, condition, age, upkeep, etc. Please feel free to reach out to me via email and send me over any pictures you are concerned with. In 1996 certainly is not that old and should be in fairly decent shape if it was moderately well taken care of. I hope this all helps and starts to point you in the right direction. As always, if you ever have any follow-up questions or concerns please never hesitate to reach out any time. All the best.

      Talk soon,
      John

  • Jed

    November 30, 2016

    Great video, glad to see other people in my state succeeding in this niche!

    • John Fedro

      December 3, 2016

      Hi Jed,

      Thanks for reaching out and commenting. There are not many of us out there, and even fewer in Maine. 🙂 Thaks for following along. Moving forward if you have any questions or concerns please never hesitate to reach out anytime. All the best.

      Talk soon,
      John

  • Jill Clark

    December 6, 2016

    Great podcast guys! I really love that these are in video now and can see people’s happiness and faces. Keep up the great work.

    Sincerely,
    Jill Clark

    • John Fedro

      December 8, 2016

      Hi Jill,

      Thank you so much for reaching out and connecting. I’m super proud of these guys as well. They’ve accomplished so much in such a short period of time. Moving forward if you ever have any additional questions or specific concerns never hesitate to reach out any time. Keep in touch.

      Talk soon,
      John